REGISTRATION AND LICENSING SERVICES
Regulators in Pakistan
- Federal Board of Revenue (FBR)
- Security Exchange Commission of Pakistan (SECP)
- Sindh Revenue Board (SRB)
- Baluchistan Revenue Authority (BRA)
- Punjab Revenue Authority (PRA)
- Khyber Pakhtunkhwa Revenue Authority (KPRA)
- Islamabad Capital Territory (ICT)
- Chamber of Commerce (COC)
Registration or Enrollment with Federal Board of Revenue (FBR) for income tax filing services in Pakistan or sales tax include;
- Salaried individuals
- Business individuals/Sole proprietorships
- Other individuals
- Firms/AOPs/Partnership Businesses
- Welfare Societies
- Trusts/NGOs/NPOs etc.
Company Registration in Pakistan
The process of company registration in Pakistan should be accomplished to show the presence of a company as a legal entity. Securities and Exchange Commission of Pakistan (SECP) is the only regulatory authority in Pakistan that grant access to company registration for business entities by the Government of Pakistan.
Mandatory Steps involved in Company Registration in Pakistan
At top priority, organizations have to choose a unique name for their company and get approval for the name from SECP. So, after getting the approval for the company name, businesses have to submit the fee for the registration of their company. Furthermore, they have to submit all the required documents to SECP. Also, ensure the registration for income, sales and professional taxes. Business incorporation services require;
- Company name selection & approval from SECP
- Company registration fee submission
- Submission of documents to SECP
- Register for Income, Sales, and Professional taxes
Winding Up of Company and Dissolution of Firm
The process of implementing the registration and licensing services for firms is not easy, but the process of deregistration is more crucial than the registration process. So, S&C provides complete support in the deregistration process. In facilitating the de-registration process, drafting of dissolution deed for the firm, drafting of application for firm dissolution and arrangement for physical presentation of partners is managed. Plus, the witness before the registrar of the firm for deregistration is also part of the dissolution of the firm. All these deregistration services are available for partnership business or association of persons (AOPs) by the S&C. The main steps required for the deregistration of the firm are;
- Application for deregistration for sales tax
- Application for the close of business or deregistration with FBR
Registration of Firm or Partnership Business
S&C has resources to prepare the draft of partnership deed for unregistered firms, registered firms, the association of persons (AOPs), and partnership business. Other than this, the members of the registration department at S&C show their availability for correspondence, presentation, hearing, or replying to the registrar of the firm for removal of observations issued during the firm registration, partnership business, and AOPs.
More than the above, with managing the registration process, the arrangement of physical presentation for partners is also the part of the registration service. Also, members of S&C help their clients as witnesses before firm registrar for firm registration, partnership business, and Association of Persons (AOPs).
S&C also help Non-Profit organizations (NPO) or Non-Government Organizations (NGO) in obtaining the license from SECP. Not only has this but also provided support to foreign companies in completion of documentation procedure. More than this, registration services by S&C also available for other regulators PTA, DRAP, OGRA, etc. as per the business requirements.
Certification from Pakistan Center for Philanthropy (PCP)
Pakistan Center for Philanthropy (PCP) provides the certification. The process of obtaining certification from PCP requires a large number of steps. Therefore, S&C offers its services in getting the certification from the Pakistan Center for Philanthropy (PCP) as it is especially required for nonprofit organization (NGOs). The services are;
- Drafting application for certification from Pakistan Center for Philanthropy (PCP)
- Drafting of Policies and Procedures as per the standards of Pakistan Center for Philanthropy (PCP)
- Guidance to maintain records/files under the standards of Pakistan Center for Philanthropy (PCP)
- Assist in replying to queries for evaluation of the organization during the certification process from Pakistan Center for Philanthropy (PCP)
- Application for renewal of certification from Pakistan Center for Philanthropy (PCP)
Tax Advisory & Compliance Services
Tax structure defined by the government of a country is to meet its expenditures to provide services and common facilities to the people of the country which include government current expenditure, development expenditure, and defense expenditures. Another purpose of taxation in the country is to attract more entrepreneurs for investment and play a vital role in the economic growth of the country. In business establishments, the management has to implement taxation strategy to fulfill the tax compliances. Tax consultants in Pakistan offer tax advisory and align the taxation strategy with the business framework within the consideration of the tax risks.
S&C possesses a reputed place in providing the tax consultancy services in Islamabad, Karachi, Faisalabad, Rawalpindi, Lahore, and Peshawar and all over Pakistan. Tax advisory includes the tax optimization, strategic tax planning, & managing the compliance covering clientele needs of private, business, AOP’s, non-profit, multinationals and public sector organizations at Federal and Provisional level. Proficient tax advisors at S&C have the domain knowledge to understand the business and industrial issues. Hence, they provide tax advisory by developing new, innovative and customized solutions for its clients with effective tax assistance.
Detail of our tax consultancy services are as follows:
• Income Tax Advisory
In the dynamic business world, business organizations are facing fierce competition in the market industry to beat their competitors. Moreover, growing corporate entities have to meet the challenges of the global world. Therefore, they are implementing innovative tax strategies and planning to reduce the impact of tax incidence over the buyers & sellers and to maximize the profit for shareholders.
At S&C, we assist our clients in fiscal obligations through proper planning and optimization. Also, we help them in domestic and foreign regulations with the assurance of compliance. Further, our team of tax consultants and professionals give complete guideline to multiple business entities about tax regulations. Therefore, business entities will be able to meet their business goals.
• Sales Tax Advisory
S&C helps its customers to deal with the fiscal challenges in the strategic management of indirect taxes. Tax professionals at S&C possess enough capabilities to provide comprehensive advice and assistance in all areas of indirect taxes. Even, we cover from Customs to Federal Excise with the provision of complete support at every stage of business.
Further, S&C provides help to business enterprises to keep track of their sales, purchases, inventories, input tax, output tax, and expenses. We provide tax compliance advisory as per laws of Federal Board of Revenue (FBR), Punjab Revenue Authority (PRA), Sindh Revenue Board (SRB), Baluchistan Revenue Authority (BRA), and Compliance of the ICT service tax advisory. Hence, firms will be able to fulfill all legal requirements under the sales tax laws and regulations permanently.
• Tax Registration, Filing, and Documentation
S&C always presents up-to-date solutions regarding tax legislation and regulation issues as per the policies announced by the government. Hence, organizations will be able to grab the latest and updated tax services to add value to their business.
Moreover, S&C assists business entities to get registration with the tax departments for income tax (NTN), sales tax (STRN), and WeBOC. S&C maintain statutory registers of their clients regularly. Not only this, but we also provide support for detailed filing process including the Income Tax Returns, Sales Tax Returns, and Withholding Statements. We also fulfill all requirements required by the FBR, PRA, KPRA, and BRA for the registration of the businesses.
• Tax Adjudications and Tax Refunds
S&C pay value to their clients. So, in case of adverse orders, we help clients in adjudications including filling & pleading of cases at the Appeal Level, Appellate Tribunal Level, FTO, ADRC, etc. Therefore, we keep track of all proceedings of our clients for the management of legal notices. Also, we offer the service of tax refunds on behalf of the tax filer.
• Withholding Taxes Management
The un-documented economy of Pakistan has been a curse, resulting in low tax to GDP ratio. Consequently, the withholding tax regime has become vital in the taxation system of Pakistan. WHT is an act of deduction or collection of tax at source, through withholding tax agents, which has generally been in the nature of an advance tax payment. More than 70% tax is being collected through WHT Regime under direct taxes.
Since 2007, Withholding Regime was extended for Indirect Taxes (Sales Tax) as well. Initially, Public Sector was made withholding Agent under Sales Tax Law which later was extended to Large Tax Payers. Recently, FBR has further extended the scope to all Companies which would have signification implications. The Provinces are also collecting sales tax on services after the 18th amendment and Withholding Tax Regime is also replicated under the provincial sales tax laws as well. Tax Authorities, to meet revenue targets, has been putting special focus on monitoring of withholding taxes. For the last few years withholding tax agents have to face WHT audits almost every year. Therefore, WHT agents need to be more careful regarding their obligations for Withholding Taxes under Income tax law. Withholding Tax Agents has to make certain compliance including e-filing of monthly withholding statements.
S&C helps its clients to fulfill its withholding tax obligations e.g. withholding tax compliances and withholding tax audits etc.
• International Tax Advisory
Entities doing business internationally need to fulfill certain tax obligations according to the requirements of the local laws of the respective country. Also, there are certain double taxation treaties where the incidence of the tax burden is defined and settled between countries. Pakistan has signed tax treaties with almost all the major economies. S&C provide advisory on the international tax issues and guidance to optimize the tax cost to the entities working across borders.
• How S&C helps in Tax Advisory?
In the modern era of business growth, every organization is involved in transactions and operations at the national & multinational level. In managing the business workflow, organizations face challenges regarding the tax jurisdiction. Conclusively, tax planning is crucial for businesses to avoid tax risks and problems.
Skillful and competent tax consultants at S&C design corporate planning strategies as per the client’s circumstances. For Example, like evaluation, the applicability of taxes on transactions, tax benefits, and tax exemptions. Hence, we ensure the feasibility of the client’s businesses. Conclusively, S&C will be able to divide the clients’ tax burden at the administrative level.
More than the above, we possess abilities to help the current and new businesses to identify their growth prospective. Consequently, business entities can identify their strengths to grab the bright opportunity to achieve ‘Value for Money’ with efficient tax planning. We provide assistance in compliance guidance as per the FBR, PRA, SRB, BRA regulations. Additionally, in legal proceeding follow-up in court, business forecasting, and all other legal documentation to run the business successfully.
CORPORATE ADVISORY AND COMPLIANCE SERVICES
S&C is serving more than two decades in the business industry by providing corporate advisory and compliance services. Helping the broadening of corporate culture which is leading to the documented economy in the country. Competent corporate professionals of S&C enables its clients to oversee their business as they have rich experience, industry understanding, and problem-solving abilities. In fact, provide detailed understanding and guideline to its specific or all type of clients throughout the Lifecycle of a business project.
Furthermore, S&C, being the corporate advisory and compliance services company has contributed to the incorporation of hundreds of companies which are currently successfully participating their shares towards the economic growth of the country. Alongside we have been consistently providing services for compliance matters with regards to Securities and Exchange Commission of Pakistan (SECP) which will let them do their business hassle-free, due diligence and by avoiding the undue litigation matters with Commission.
More than the above, skills, knowledge, and experience of corporate consultants at S&C give strategic advice and provide specialist competencies which enable clients to achieve their objectives with fulfilling the needs. With our strong knowledge and hands-on the prevailing Companies laws in Pakistan, work with clients to solve various issues, create value, maximizes growth and to improve overall business performance. S&C is a well-reputed firm of Corporate Services Providers. Hence, they are focusing on providing multiple corporate advisory services that are enlisted below.
Registration/ Incorporation of Commercial Companies
Various organizations around the whole country must avail the corporate services for the growth of their business. Corporate services manager at S&C is highly professional to provide personalized assistance to their valued clients. We help our clients in the documentation, procedure, and confirmation from Securities and Exchange of Pakistan (SECP). Also, provide support for the registration of a company or business with the Securities and Exchange Commission of Pakistan (SECP).
Moreover, we also support our clients in the step of correspondence, presentation, hearing, or replying to the Securities and Exchange Commission of Pakistan (SECP). We help in this step for the removal of observations issued during the incorporation or registration of the company.
Registration/Incorporation of NPOs & LLPs
Other than the commercial companies, S&C helps the Non-Profit organizations (NPO) or Non-Government Organizations (NGO) to obtain the license from the Securities and Exchange Commission of Pakistan (SECP). Also, they give support to organizations in giving the replying or presentation to SECP for the removal in the occurrence of any issue during the license obtaining the procedure. Not only has this, but S&C also proceeded procedure of license renewal.
S&C also supports Limited Liability Partnerships (LLPs) to accomplish the complete procedure of registration incorporation.
Permission/Approval for Foreign Companies
Various business sectors of the economic industry can perform their relevant activities only by getting the license from the concerned regulators. Therefore, the license is important for businesses as it ensures that the organizations are accountable to perform some specific actions. Therefore, S&C being the corporate organization helps the firms to obtain the license. Also, helps the organizations to obtain the license from different regulators like PTA, DRAP, OGRA, etc. as per the requirements of the business.
Organizations have to follow annual legal compliances. So S&C’s corporate advisor and compliance services manager helps their clients and other businesses to proceed mandatory annual compliances. In providing the support for annual compliances, S&C’s corporate members manage the annual return of companies having no change of particulars since last annual return filed with the registrar, share capital, and companies not having share capital. Further, the annual return of inactive companies and receipt for subscription money is also managed by S&C.
Organizational Change in Constitution
Business growth demands various changes within the organization. So, the corporate services provided by S&C help their valuable clients to proceed with the application procedure for conversion of company status. Also, handle the application for approval of alteration in Memorandum & Articles of Association from the commission.
Furthermore, S&C’s employees possess the abilities for the filing of altered memorandum and articles of association. This process will be proceeded after receiving the approval for conversion of company status from the commission. Even, petition for the alteration of the memorandum is also managed.
Shares Management and Capital Documentation
- Documents for the increase in authorized capital and paid-up capital
- Return of allotments of shares
- Change of more than twenty-five percent in shareholding, membership or voting rights
Registration/Vacations of Mortgages, Charges, or Pledge
- Registration of particulars of mortgages, charges, pledge, etc., to be maintained by a company
- Particulars of mortgage or charge subject to which property has been acquired
- Modification of mortgage, charge, pledge, etc., for various particulars
- Complete satisfaction of mortgage, charge, pledge, etc., for memorandum
Companies’ Global Register of Beneficial Ownership
- Notification of particulars for beneficial ownership to the company.
- Return containing substantial shareholders/ officers’ particulars for companies’ global register of beneficial ownership
Active/Inactive Company Status
- Application to obtain the status of an inactive company.
- Application for conversion of status from inactive to active company
- Filing for amalgamation scheme
- Notice for dissenting shareholders
- Information to be furnished in relation to any offer of a scheme or contract involving the transfer of shares or any class of shares in the transferor company to the transferee company
Management for Nominee Changes
- Notice/Application of appointment or change of nominee or change in his particulars (for a single-member company only)
Filing of Financial Statements
- Filing of financial statements/audited accounts/unaudited accounts to the Securities and Exchange Commission of Pakistan (SECP)
Winding up /Deregistration of Companies
- Winding up of companies under easy exit schemes
- Striking off registered company name from company registrar
Company Secretary/Secretarial Services
- Providing secretarial services to companies, businesses, or organizations
- Services as share registrar for listed companies
- Appeals and hearing before the commission
- Opinions and Advisory over the corporate affairs on applicable provisions of the Corporate Laws including Companies Act 2017, Limited Liability Partnership Act 2017 and other Corporate Laws
Handling Corporate Litigations/Adjudications with Commission
- Handling/Pleading of showcase notices issued by SECP
- Appeal for a waiver of penalties if imposed by SECP
How S&C Helps in Corporate Advisory and Compliance Services?
S&C ensures the provision of advisory, financial services, and regulatory compliance service in Pakistan with the corporate services for the successful progress of the business. In executing the assignment, we examine the client’s status, strategy, structure management, and operations to identify options that the client may adopt to achieve various objectives and to put forward recommendations on how specific desired results may most efficiently be achieved.
As the assignments vary in scope, type, length, and details. So, depending upon the client’s requirement, we can involve an individual consultant or a team of a consultant to fulfill the requirements of the clients.
Accounting & Financial Management
Accounting & Financial Management is the most crucial function for the success of a business organization. It controls the business by describing the state of the business in numbers. In addition, Accounting & Financial Management ensures the provision of vital information like money generation, profit utilization, and business cash flow for the understanding of business management.
Moreover, the proper running of the business is not possible without handling of the finance. Eventually, there will be no hope for business growth and profit generation. Hence, there is no doubt that finance is the blood of any organization and its management enables the businesses to run smoothly. Therefore, S&C provides automated accounting and financial management services as these are necessary for better financial management, properaccounting, and bookkeeping.
S&C possesses a unique name in the list of accounting firms in Pakistan. Therefore, business entities follow stringent tax policies through the help of S&C to work in a regulated environment. Also, they will be able to meet the extensive requirements of record keeping and management to streamline their accounting systems. Hence, in this era of technology, every business entity has to implement an automated accounting and financial management systems.
Accounting System Components
1 - Accounting Software
Accounting software ensures the following key points;
- Selection or implementation of accounting system/software is proper as per business needs
- Design of Accounting Software is according to the requirement of the business and management
- Structure of software is fulfilling the reporting requirements of the management
2 - Documentation Procedures
Documentation procedure upholds the following important facts;
- Proper documentation procedures are in place in the organization
- Procedures are being adopted with sound internal controls
- Documentation flow is proper under the consideration that financial information reaches to the
3 - Accounting personnel
Accounting personnel should possess the specified expertise;
- The accountant has proper accounting qualification
- Organizational procedures are known to the accountant
- Proper usage of the accounting software is provided to the accountant
4 - Control & Supervision
Following measures should be implemented in the organization;
- Internal checks and control mechanism exist in the organization
- Segregation of duties principle is followed in the organization
- Work of accountant is being checked and monitored regularly and properly
Internal Review of Accounting Records
Every organization wants to track the business growth but due to the huge turnout of accounting staff in the SME sector, it becomes a nightmare for the organizations. Undoubtedly, the Accounting & Financial Management service of S&C ensures the business growth of their clients by managing the accounting and reviewing the work done by their accountant regularly. Hence, we at S&C, develop a system that will meet the financial reporting requirements of the organizations.
Moreover, S&C’s accounts section achieves the client’s satisfaction by providing a complete financial statement with the provision of up-to-date and accurate financial data to companies. Therefore, companies’ financial statement depicts the true and fair picture of the organization’s financial health. Expert members of S&C also update the accurate management reporting system including the financial statements and management letters.
Other than the above, Accounting services by S&C also cover the following areas;
In the SME sector, most organizations lack the accounts department and accountant which directly affect the productivity of the business. Eventually, under the need of the organization for accounts management, we at S&C provide the bookkeeping services from the minimum records kept by the clients like;
Accounting System Implementation
In this growing and modern era of technology, every organization has to use robust software to compete in the business industry. But, most of the mid-size organizations have not enough resources to use the proper ERP System. Although, they possess comprehensive reporting requirements and have to handle the volume of transactions.
So, under such organizational need, S&C suggest and implement off the shelf accounting software to fulfill the needs. This accounting system implementation in SME & MSE sectors will include Sage 50 (formerly Peachtree) & Quick Books accounting software. Also, the key points of accounting system implementation process are stated below;
Accounting Function Outsourcing
Outsourcing of any non-core function by an entity helps to focus on core business functions with a cost-effective solution. So, in providing the outsourcing facility, S&C has a qualified team with diverse experience in accounting, finance, corporate and tax perform fully outsourced services with attaining the highest standards of quality.
S&C is providing Accounting & Financial Management service to various organizations for a long time. Additionally, in the provision of this service, they deploy a team of expert and qualified professionals at the client’s office to perform duties as an accounting department for their organization.
Financial Statements Preparation
S&C is providing financial statement preparation services to its clients. Indeed, Private Limited companies, Non-Profit Organizations, Trusts, Association of Persons (AOPs) and individuals are in the list of S&C’s valuable clients. Moreover, we at S&C serve our clients as per the statutory and regulatory requirements. Further, S&C helps its clients by preparing the following financial statement;
Financial Feasibility Study Preparation
S&C provides the financial feasibility service to new esteemed organizations with the provision of business concept models. Therefore, we at S&C adopts a methodology to achieve the milestone/deliverables in a timely manner.
In addition, the phases included in financial feasibility study preparation are as follows;